Page 83 - bneIntelliNews monthly country report Russia May 2024

8.1.1 Earnings
about other bank accounts in their name.
The net profit in March remained steady at 270 billion rubles, mirroring February's figure of 275 billion rubles, which corresponds to a return on equity of approximately 22% (compared to around 23% in February).
However, the core profit decreased to 158 billion rubles from 210 billion rubles in February. This decline was primarily technical in nature. In March, there was a reclassification of securities from fair value through profit or loss to held-to-maturity category. This resulted in an accumulated negative revaluation of around 50 billion rubles, which was reversed, and reserves were formed in the core profit for the same amount. This reclassification did not affect net profit.
The overall result for the first quarter of 2024 (899 billion rubles net profit) is slightly better than the first quarter of 2023 (881 billion rubles). However, considering the significant growth of the banking sector, with assets increasing by 20% over the last 12 months, the return on equity has slightly decreased, albeit remaining high – ROE for the first quarter of 2024 stood at 25%, compared to 29% in the first quarter of 2023.
The number of profitable banks increased to 255 from 248 in February, with
83 RUSSIA Country Report May 2024 www.intellinews.com